Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
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UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Stock Futures Dip as Investors Await Key Payrolls Data 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Wall Street Analysts Weigh in on Latest NFP Data 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
FxWirePro: Forex Daily Update
The US dollar index pared some of its gains after Fed monetary policy. It hit a low of 105.43 and is currently trading around 105.73.
The central bank has kept rates unchanged within their current range of 5.25%-5.50%. The US Central Bank added that it does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving towards 2%.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.10% from 83.50% a week ago.
US ISM manufacturing index declined to 49.20 in Apr vs. Estimate of 50.
Major resistance- 106.50/107
Major support- 105.35/104.45
Economic data for the day
May 2nd, 2024, US initial jobless claims (12:30 pm GMT)
EURUSD-
EURUSD gained momentum after being less hawkish than anticipated.
Markets eye German and Eurozone final manufacturing PMI for further direction.
Major resistance-1.0760,1.0800
Major support- 1.0660,1.0600
Yen-
The pair lost its shine after the Japanese government's forex intervention. Any break below 154.95 confirms major bearishness.
Major Resistance- 161,163
Major support- 154.50,153.50
Canadian Dollar
The Canadian dollar gained momentum on policy divergence between the Fed and BOC. Any break below 1.3700 confirms further bearishness.
Resistance- 1.3800,1.3865
Major support- 1.3700,1.3650
